Conning Inc. Has $34.35 Million Stock Holdings in ConocoPhillips $COP

Conning Inc. reduced its holdings in shares of ConocoPhillips (NYSE:COP) by 9.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 363,131 shares of the energy producer’s stock after selling 37,624 shares during the quarter. ConocoPhillips accounts for about 1.1% of Conning Inc.’s holdings, making the stock its 27th biggest position. Conning Inc.’s holdings in ConocoPhillips were worth $34,349,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in COP. Primecap Management Co. CA boosted its stake in ConocoPhillips by 66.0% during the 2nd quarter. Primecap Management Co. CA now owns 7,883,455 shares of the energy producer’s stock valued at $707,461,000 after purchasing an additional 3,135,315 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of ConocoPhillips by 31.4% in the second quarter. Ameriprise Financial Inc. now owns 10,778,664 shares of the energy producer’s stock valued at $966,267,000 after purchasing an additional 2,575,803 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of ConocoPhillips by 145.8% during the second quarter. Assenagon Asset Management S.A. now owns 2,933,286 shares of the energy producer’s stock valued at $263,233,000 after buying an additional 1,740,009 shares during the last quarter. Valeo Financial Advisors LLC grew its holdings in ConocoPhillips by 6,156.1% during the second quarter. Valeo Financial Advisors LLC now owns 1,508,169 shares of the energy producer’s stock worth $135,343,000 after buying an additional 1,484,062 shares in the last quarter. Finally, First Trust Advisors LP raised its position in ConocoPhillips by 146.6% in the 2nd quarter. First Trust Advisors LP now owns 2,315,757 shares of the energy producer’s stock valued at $207,816,000 after buying an additional 1,376,509 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

Insider Buying and Selling at ConocoPhillips

In other news, Director William H. Mcraven bought 5,768 shares of the stock in a transaction on Monday, November 10th. The shares were purchased at an average cost of $86.68 per share, for a total transaction of $499,970.24. Following the completion of the purchase, the director directly owned 5,768 shares in the company, valued at $499,970.24. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ryan Michael Lance sold 500,708 shares of the stock in a transaction on Friday, December 19th. The stock was sold at an average price of $92.50, for a total value of $46,315,490.00. Following the transaction, the chief executive officer owned 325,972 shares of the company’s stock, valued at $30,152,410. The trade was a 60.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.24% of the company’s stock.

ConocoPhillips Stock Performance

Shares of COP stock opened at $100.32 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.18 and a current ratio of 1.32. The firm has a market cap of $123.97 billion, a price-to-earnings ratio of 14.19, a P/E/G ratio of 2.61 and a beta of 0.32. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $106.20. The firm’s 50-day simple moving average is $92.16 and its two-hundred day simple moving average is $92.80.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, November 6th. The energy producer reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.20. The company had revenue of $15.03 billion during the quarter, compared to analyst estimates of $14.51 billion. ConocoPhillips had a net margin of 14.25% and a return on equity of 13.64%. ConocoPhillips’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.78 EPS. As a group, equities analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were given a $0.84 dividend. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.78. This represents a $3.36 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, November 17th. ConocoPhillips’s dividend payout ratio (DPR) is 47.52%.

Analysts Set New Price Targets

A number of research firms have issued reports on COP. UBS Group lifted their price objective on shares of ConocoPhillips from $117.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, December 12th. The Goldman Sachs Group cut their price target on shares of ConocoPhillips from $111.00 to $108.00 and set a “buy” rating on the stock in a report on Friday, October 17th. BMO Capital Markets decreased their price objective on shares of ConocoPhillips from $110.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, December 15th. Weiss Ratings reissued a “hold (c-)” rating on shares of ConocoPhillips in a research report on Monday, December 29th. Finally, Piper Sandler cut their target price on ConocoPhillips from $115.00 to $109.00 and set an “overweight” rating on the stock in a research note on Thursday, January 8th. Eighteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $111.76.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.